Rupee dips 1 paisa to historic low of 85.92 against stronger US Dollar
The rupee dipped 1 paisa to a record low of 85.92 against the USD on Thursday. This marks the 3rd straight event of depreciation of the rupee.
The rupee dipped 1 paisa to a record low of 85.92 against the US dollar on Thursday. This marks the third straight event of depreciation of the rupee.
The American currency rose stronger in the backdrop of continuous outflow of foreign funds and the surge in the US bond yields, said experts. On the other hand, the domestic equity markets were subdued which furthered the downfall of the rupee.
In the interbank foreign exchange, on Thursday rupee opened at its record low of 85.94 paisa and now stands at 85.92 against the greenback in initial deals. On Wednesday, rupee plunged 17 paise and stood at its all-time low of 85.91 against USD. Meanwhile, the dollar index, was trading 0.11 per cent lower but stood elevated at 108.80.
The 10-year bond yields of US were also elevated at 4.66 per cent amid speculations of delayed interest rate cuts by the Fed Reserve.
In the domestic wquity market, the 30-share BSE Sensex was trading 243.43 points, or 0.31 per cent, lower at 77,905.06 points, while Nifty was down by 72.40 points, or 0.31 per cent at 23,616.55 points.
